British insurtech firm YuLife raises $120 million led by Dai-ichi Life

Reuters
·1 min read

LONDON (Reuters) - YuLife has raised $120 million led by Japanese insurer Dai-ichi Life, valuing the British insurtech firm at $800 million as it plans to expand into the United States and South Africa, its CEO said.

The valuation is more than double the levels seen at YuLife's previous funding round a year ago as the company, which provides group life insurance polices in Britain, has had a fivefold rise in gross written premiums in the past 12 months.

Its policies include health incentives - employees earn shopping vouchers for time spent exercising or meditating.

The COVID-19 pandemic has increased demand for YuLife's products, said CEO Sammy Rubin, with employees often choosing to work from home, or even switch jobs.

"Companies are focusing more and more on wellbeing," Rubin said. "Employees are looking for more than just a salary and a computer."

Insurtech - the insurance branch of fintech, or financial technology - enjoyed a record financing year last year, according to reinsurance broker Gallagher Re.

But the Ukraine conflict and rising inflation and interest rates have reduced appetite.

Global insurtech funding totalled $2.2 billion in the first quarter, down 57% from the previous quarter, Gallagher Re said.

Existing YuLife investors including Target Global and Eurazeo also took part in the late-stage "C" series funding round, the company said in a statement.

(Reporting by Carolyn Cohn; Editing by Bernadette Baum)

  • Up next
  • Up next
  • Up next
  • Up next

Latest Stories

  • Bryce Harper homers in return from daughter's birth as Phillies beat Reds 5-0 for 5th shutout

    CINCINNATI (AP) — Bryce Harper homered in his return to the lineup following the birth of his third child, and the Philadelphia Phillies beat the Cincinnati Reds 5-0 Thursday for their second shutout win in splitting a four-game series. Zack Wheeler (2-3) allowed one hit in six innings, a third-inning single by Santiago Espinal. He struck out eight and walked four, extending his scoreless steak to 13 1/3 innings. Philadelphia has won eight of 10 and leads the major leagues with five shutouts, on

  • Google parent reports another quarter of accelerating growth and its stock price soars

    Google’s corporate parent Alphabet Inc. on Thursday released a quarterly report showing it’s still reaping double-digit revenue gains from its digital advertising empire while sowing potentially lucrative new ground in artificial intelligence. The results for the first three months of the year provided the latest evidence that Google has regained its momentum after an unprecedented downturn in 2022 coming out of the pandemic. In the January-March period, Alphabet’s revenue rose 15% from the same time last year to $80.54 billion, which surpassed the projections of analysts surveyed by FactSet Research.

  • Tennis legend Billie Jean King says she’s using weight loss medication to help treat her binge eating disorder. Experts explain how it works.

    The 80-year-old revealed in a recent podcast that she received her first few doses of the medication.

  • What will happen to the monarchy when King Charles dies?

    Operation Menai Bridge is code for the plans related to King Charles' death. Though details about the plan are tightly guarded, his passing will trigger immediate changes in both the monarchy and the UK. Here's what will happen.

  • NOTL tribunal hearing discusses storm water pond on historic Rand Estate property

    Underground infrastructure and how issues such as sewage and stormwater will be managed were topics in evidence delivered in Wednesday’s proceedings of an Ontario Land Tribunal hearing over the proposed Rand Estates subdivision. Fedor Tchourkine, a civil engineer and witness brought in by the developer, Solmar Development, kicked off the day’s discussion. He went over the various stages of the project and completion of functional servicing reports, a requirement of new developments and a step in

  • Mystery over 19-year-old’s last moments after his naked body was found on the road following four-day party

    Noah Presgrove had just graduated high school and planned to join the military when he died in September 2023

  • Is It Possible To Buy Stocks With a Credit Card?

    Sixty-one percent of American adults say they own stock, according to a 2023 Gallup poll. That's the highest percentage since the 2008 recession. With more than half of American adults investing, and...

  • 'Extreme drought' in area of early-season wildfire near Chetwynd, B.C.

    CHETWYND, B.C. — British Columbia's first wildfire evacuation order of this season lasted under 24 hours, but local officials say dry conditions mean the risk is still high. Mike Bernier, the member of the legislature for Peace River South, says there's "no moisture in the area," which saw hardly any snowpack this winter. He says the early-season wildfire was discovered "really close" to a small subdivision about four kilometres outside Chetwynd, B.C., on Wednesday afternoon. Bernier says the bl

  • 25 States That Have Trouble with Student Loan Payments

    In this article, we will be navigating through the 25 states that have trouble with student loan payments. If you wish to skip our detailed analysis, you can move directly to the 5 States That Have Trouble with Student Loan Payments. The US Student Loan Scenario As reported by the Federal Reserve, the US outstanding […]

  • Jefferies CEO Just Sold $65 Million of Company Stock. He’s Buying a Yacht.

    CEO Rich Handler said the boat will be a “gift to myself and my family” and that he doesn’t plan to sell any more shares.

  • Alphabet Shares Spike on Strong Quarterly Financial Results

    Alphabet shares were trading sharply higher late Thursday on strong March quarter financial results. For the quarter, the parent of Google and YouTube posted revenue of $80.5 billion, up 15% from the year-earlier period and well above Street consensus at $78.7 billion. Profits were $1.89 a share, blowing past the Street consensus as tracked by FactSet at $1.51 a share.

  • 'The durability is incredible': This No. 1 bestselling Hanes sweatshirt is down to $8 — save up to 65%

    Old-school style for an old-school price? That's a win-win in our book.

  • Hush no more! Take pictures and clap whenever you want, orchestra tells audience

    An orchestra is to allow audiences to use their phones and applaud whenever they want as part of a diversity drive.

  • High Tea Will Be Served Dior Style at Majorelle at The Lowell

    The luxury New York hotel will offer Lily of the Valley-themed tea and snacks beginning May 1.

  • Charlie Woods, son of Tiger, shoots 81 in local qualifier and fails in bid to play in US Open

    Charlie Woods failed to qualify for his first U.S. Open after shooting 9-over 81 on Thursday in a local qualifying event. The 15-year-old son of Tiger Woods tied for 61st among the 74 players who finished the 6,975-yard layout at Legacy Golf & Tennis Club. The top five advanced to regional qualifying.

  • USC cancels main commencement ceremony following chaotic pro-Palestine protests

    More than 90 protesters were arrested after police clashed with protesters during the demonstrations on the Californian campus on Wednesday

  • UPDATE 1-US FCC approves T-Mobile deal to buy budget provider Mint Mobile

    The U.S. Federal Communications Commission said on Thursday it will approve the T-Mobile US deal to buy Ka'ena Corp, the owner of budget service provider Mint Mobile, for up to $1.35 billion. The FCC cited T-Mobile's voluntary agreement to implement a 60-day unlocking period for all Mint Mobile and Ultra Mobile devices activated on the T-Mobile network before and after the closing. The FCC said the agreement will make it easier for Mint Mobile and Ultra Mobile customers to switch service providers.

  • Supporters of Palestine and Israel Face Off at University of Texas at Austin

    Crowds supporting Palestine and Israel faced off at the University of Texas at Austin on Thursday, April 25, a day after more than 50 people were arrested during a pro-Palestine protest on the campus.Footage filmed by The Texas Horn shows opposing protesters chanting at the same time.In a statement, UT-Austin president Jay Hartzell defended Wednesday’s law-enforcement response, writing that the university “held strong,” while some UT faculty members issued a statement condemning Hartzell and UT administrative leaders’ “militarized” actions. Credit: The Texas Horn via Storyful

  • Explainer-Why was Harvey Weinstein's rape conviction overturned, and what's next?

    Thursday's ruling overturning Harvey Weinstein's New York rape conviction gives the one-time film mogul a chance at a new trial and calls into question what evidence prosecutors can use in future sex crime cases. But a 4-3 majority of the New York Court of Appeals, the state's highest court, found that the trial judge should not have permitted three other women to testify that Weinstein had assaulted them as well because their allegations were not part of the criminal charges against him. Such testimony about "prior bad acts" is usually barred by New York's so-called Molineux rule, named for a landmark 1901 court case.

  • Bang & Olufsen Is Selling a Refurbished Version of Its Iconic 1990s CD Player for $55,000

    The price is $48,000 more than the device cost originally, but does include two wireless floor speakers.